Libas by Riyaz Gangji has just gone public. It means that Libas has become the 1st Indian designer label to get listed on the National Stock Exchange of India.
With an Initial Public Offering of Rs.68; Libas has done what many Indian designer houses & labels have been trying to do since the past half a decade.
When approached, Riyaz Gangji explained the reason behind the move, “It’s easy to grow your company if you have people’s confidence. Once your brand has the top of mind recall, sales automatically happen. Of course, this does not mean that your product or service can suffer. In fact, now that we are publicly listed, there is an even bigger responsibility towards the people that the brand has.”
Before the face show of the New Year; this comes across as much welcome news, especially when demonetization & the current currency crunch in the country has been a spirit dampener for many businesses, fashion included.
An upbeat Riyaz Gangji added, “I think being able to do business with your forte is very important. People will only notice numbers once the show is over.”
Launching an IPO is a tedious & lengthy process and can consume up to 2 years! Leave alone the added compliance & responsibilities that it deposits to the promoters’ shoulders.
When asked Riyaz Gangji what motivated him to take up this task, he answered, “Just being creative was not giving me satisfaction, I reached a point where I wanted every city in the country to wear Libas. We want to touch the lives of as many people as possible, like an FMCG brand. And such sort of a scale was only possible through going public.”
His better half & partner Rashma Gangji in everything was ecstatic, with her joy knowing no bounds, “We are already present in Pune, Mumbai Ludhiana, Delhi & also in Dubai. We want to be available in every Tier 1 & Tier 2 city of India. That is the ultimate plan for now.”
Deepak Sharma of Saarthi, Ravi Varanasi of NSE, Rahul Roy et al wished all the best to Reshma Riyaz Gangji & Nishant Mahimtura of Libas.
